证券研究报告 | 2025年11月28日 优于大市 普冉股份（688766.SH） 拟间接控股 SHM 增加存储产品线，多元布局打开成长空间 3Q25 公司营收实现同环比增长。公司主要从事非易失性存储器芯片及基于存 储芯片的衍生芯片的设计与销售。1-3Q25 随着"存储+"系列产品加速推出， 公司实现营收 14.33 亿元（YoY +4.89%）；25 年存储行业呈现前低后高趋势， 受产品价格及成本、存货跌价准备和研发投入增加等因素影响，1-3Q25 归母 净利润 0.59 亿元(YoY-73.73%)同比下降。3Q25 公司单季度实现营收 5.27 亿 元(YoY+11.94%,QoQ+5.24%)，扣非归母净利润 0.1 亿元(YoY-86.28%， QoQ+35.69%)，毛利率 28.14%(YoY-4.51pct， QoQ-2.54pct)，预计后续随存 储行业回暖，产品价格修复，毛利率有望改善。 3Q25 存储产品单季度出货量同比上升，大容量 NOR Flash 等产品加速放量。 公司 NOR Flash 产品通过 SONOS 与 ETOX 工艺互补，产品实现全容量系列覆 盖，客户在消费电子基础上 ...

证券代码：001298 证券简称：好上好 编号：2025-005 | | 特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | 业绩说明会 | | 类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | □其他 | | | | | 康卫荣 | 东方财富证券 | | | | 吕建新 | 亚威投资 | | | | 梁正芳 | 汇杰资本 | | | | 安佟亮 | 粤民投基金 | | | | 范尊武 | 涵崧基金 | | | | 林秋杏 | 涵崧基金 | | | 参与单位名称及 | 束佳黛 | 瑞业资产 | | | 人员姓名 | 刘靖 | 坚石资产 | | | | 陈建富 | 亿方富投资 | | | | 徐灵娥 | 前海骏杰 | | | | 孔庆华 | 前海骏杰 | | | | 李强 | 证金投资 | | | | 黄自成 | 图灵资产 | | | | 余礼冰 | 晓喆基金 | | | 时间 | 2025 年 11 | 月 28 日 | | | 地点 | 公司会议室 | | | | 上市公司接待人 | ...

Summary of Zhaoyi Innovation Conference Call Company Overview - Zhaoyi Innovation is a fabless design company established in 2005, specializing in four core product lines: Nor Flash, SLC NAND Flash, DRAM, and MCU, all of which rank among the top ten globally, making it the only Chinese company to achieve this status in these segments [4][2][3]. Financial Performance - In Q3 2025, Zhaoyi Innovation reported revenue of 2.681 billion yuan, representing a year-on-year increase of 31.4% and a quarter-on-quarter increase of 19.6% [5]. - The net profit attributable to shareholders was 508 million yuan, up 61.1% year-on-year and 49% quarter-on-quarter [5]. - The gross margin reached 40.7%, an increase of 3.7 percentage points quarter-on-quarter, with a net profit margin of 19.3% [5]. Product Line Insights Nor Flash - The market share for Nor Flash is projected to reach 18.5% in 2024, with further growth expected in 2025 [2]. - A price increase of 10% for mid-to-large capacity Nor Flash products was implemented starting July 2025, officially taking effect in September [6]. - The price increase is attributed to inventory digestion, high demand, and limited capacity from upstream foundries [6]. - A moderate price increase of 15% is anticipated for 2026 [6]. SLC NAND - SLC NAND was the fastest-growing segment in Q3, with a revenue increase of 60% quarter-on-quarter [7]. - Following a price increase in July, the gross margin improved from single digits to double digits [7]. - Supply tightness is expected to continue into Q4, with potential price increases exceeding 20% in the following year [7]. - The compound annual growth rate (CAGR) forecast for the next five years has been raised from 10% to 15% due to plans to expand higher-density NAND products [7]. DRAM - The niche DRAM segment is expected to surpass MCU to become the second-largest product line by 2025 [8]. - Despite a slowdown in price increases in Q4, high prices are expected to be maintained in 2026 [8]. - The gross margin for this segment improved from single digits in Q1 to over 20% in Q2, reaching even higher levels in Q3 [9]. - New DDR4 8G products are rapidly capturing market share, with plans to roll out self-developed LPDDR4 series and develop LPDDR5 small-capacity products [9]. MCU - MCU prices have bottomed out, but revenue is maintained through a 20% increase in volume [10]. - Significant growth in automotive MCU business is anticipated before 2030, with new A7 and A9 series products competing against H2P and Infineon [10]. - Customized storage solutions have completed validation and are expected to contribute revenue in cockpit, robotics, and IPC sectors [10]. Market Dynamics - The overall market is characterized by strong demand and supply constraints, particularly in the NAND and DRAM segments, which are driving price increases and revenue growth across Zhaoyi Innovation's product lines [6][7][8].

格隆汇11月27日｜长城证券研报指出，兆易创新25Q3扣非净利润环比+55%，存储周期上行带动业绩持 续向好。存储作为公司的主要营收板块，DRAM 量价齐升贡献主要增量。公司是国内领先的存储器、 微控制器和传感器芯片设计公司。公司在NORFlash、SLC NAND Flash、利基型DRAM及MCU领域均位 居全球前列，随着AI技术发展推动存储行业进入上行周期，公司成长空间广阔。预计公司2025~2027年 归母净利润分别为17.27/24.52/33.50亿元， 对应PE为74/52/38倍，给予"增持"评级。 ...

Core Viewpoint - The report from Great Wall Securities indicates that Zhaoyi Innovation's non-net profit for Q3 2025 increased by 55% quarter-on-quarter, driven by an upward cycle in the storage sector, with DRAM prices and volumes both rising significantly [1] Company Summary - Zhaoyi Innovation is a leading domestic company in the design of memory, microcontrollers, and sensor chips, ranking among the top globally in NOR Flash, SLC NAND Flash, niche DRAM, and MCU sectors [1] - The growth of AI technology is propelling the storage industry into an upward cycle, providing significant growth potential for the company [1] Financial Projections - The projected net profits attributable to shareholders for Zhaoyi Innovation from 2025 to 2027 are expected to be 1.727 billion, 2.452 billion, and 3.350 billion yuan respectively, with corresponding price-to-earnings ratios of 74, 52, and 38 times [1]

深圳华强 20251126 摘要 深圳华强受益于海思业务的持续高增长，作为其最大代理商，海思业务 连续两年实现高双位数增长，显著推动了公司业绩，尤其是在算力需求 疲软的大环境下，这一增长表现突出。 公司积极拓展多元化业务线，包括手机、医疗、医美等核心客户端以及 算力业务，尽管目前基数较小，但这些新兴业务展现出巨大的增长潜力， 有望成为未来业绩的重要驱动力。 2025 年前三季度，深圳华强营收同比增长超过 35%，这得益于优质客 户群体带来的稳定收入和公司长期竞争力的体现，以及在电子元器件芯 片价格下行周期中，通过费用控制及高含金量业务实现了净利润的同比 增长。 深圳华强国产线占比已接近 60%，国内半导体企业迅速发展，使得国产 线逐渐摆脱毛利低的状态并开始盈利。消费电子尤其是手机占比最高， 而算力相关领域增速显著，功率器件表现尤为突出。 模拟类产品及 MCU、功率器件自 2022 年初以来经历了价格下跌，预计 2024 年价格下跌幅度将进一步减缓，目前尚未看到这些品类价格上涨 迹象，但可以判断其处于底部区间。 Q&A 深圳华强在 2025 年第三季度的净利润同比增长接近 40%，其主要原因是什 么？ 2025 ...

Core Viewpoint - The storage market remains robust, with PuRan Co. planning to acquire the remaining 49% stake in Noah Changtian Storage Technology Co., following a previous acquisition of 31% to gain control of the company [1][2]. Company Summary - PuRan Co. has announced a plan to acquire the remaining 49% stake in Noah Changtian, with the transaction still in the planning stage and the valuation yet to be finalized [1]. - The initial transaction involved acquiring a 31% stake for approximately 144 million yuan, which would give PuRan a 51% controlling interest in Noah Changtian [2]. - Noah Changtian is a holding company for SkyHigh Memory Limited (SHM), which specializes in high-performance 2D NAND and derivative storage products [2]. Financial Performance - SHM reported a revenue of 863 million yuan and a net profit of 23.74 million yuan for the fiscal year 2024, with revenues of 687 million yuan and a net profit of 47.49 million yuan for the first eight months of 2025 [3]. - PuRan Co. has faced declining profits, with a total revenue of 1.433 billion yuan in the first three quarters of the year, a year-on-year increase of 4.89%, but a net profit decline of 73.73%, amounting to only 59.04 million yuan [3]. - The acquisition is expected to enhance PuRan's product matrix and strengthen its competitive position in the global storage market [3]. Industry Insights - The DRAM and NAND Flash industries are shifting focus from merely expanding capacity to upgrading process technology and developing high-value products [3]. - The demand for NAND Flash is driven by the rapid increase in storage capacity needs due to AI and a supply shortage of HDDs, leading cloud service providers to switch orders [3]. - The structural shortage in the NAND Flash market is expected to persist throughout 2026 [3].

Core Viewpoint - The company, Zhaoyi Innovation, has experienced significant growth in Q3 2023, driven by strong demand for storage products and an improved storage cycle, with a year-on-year profit increase of approximately 60% [2] Financial Performance - In Q3 2023, the company's revenue increased by 31.4% year-on-year to 2.68 billion yuan, while net profit attributable to shareholders rose by 61.1% to 508 million yuan, with a quarter-on-quarter growth of 49% [2] - The gross margin for Q3 improved by 3.7 percentage points to 40.72% due to price increases in storage products [2] Product Line Developments - The niche DRAM market is experiencing a clear supply-demand imbalance, with expectations for price increases to continue over the next two quarters and maintain relatively high levels in subsequent quarters [2][4] - The company's niche DRAM products are expected to surpass MCU business to become the second-largest product line, with significant revenue growth anticipated in the second half of the year [3] - NOR Flash is in a mild price increase cycle, and SLC NAND products are also beginning to see price increases [3] Market Outlook - The company is optimistic about the storage cycle, with expectations for continued demand driven by AI infrastructure and computing power growth from major tech companies [4] - The company anticipates that the niche DRAM market will remain tight over the next two years, with prices expected to rise further in Q4 and maintain good levels in the following year [4] Strategic Partnerships - The company has invested a total of 2.3 billion yuan in Changxin Technology, which provides good capacity support for its niche DRAM products [4] - The company plans to mass-produce its self-developed LPDDR4X series products next year and is also working on the development of LPDDR5X small-capacity products [4] Product Portfolio - The company's current product offerings include standard interface storage products such as niche DRAM (DDR3L 2Gb/4Gb, DDR4 4Gb/8Gb, LPDDR4 small-capacity products), NOR Flash, and SLC NAND Flash [5] - The company aims to leverage changes in the industry supply landscape to develop higher-density products in the 2D NAND space, but has no plans for 3D NAND or DDR5 products [5]

Core Viewpoint - The company, Purun Co., Ltd. (688766.SH), plans to acquire a 31% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. for 144 million yuan, increasing its ownership to 51% and achieving control over the company, which indirectly controls SkyHigh Memory Limited (SHM) [1][3]. Group 1: Acquisition Details - The acquisition aims to enhance the company's core competitiveness in the memory chip sector, expand its product line, and deepen business synergies [1]. - Following the acquisition, the company expects to tap into a potential market space of approximately 8 billion USD, combining the SLC NAND and eMMC markets [4]. Group 2: Market Context - SHM, established in December 2018 as a joint venture between SK Hynix and Cypress Semiconductor, focuses on high-performance 2D NAND and derivative memory products, with a strong competitive edge in firmware algorithm development and customized services [3]. - The global SLC NAND market is projected to grow from approximately 2.31 billion USD in 2024 to 3.44 billion USD by 2029, driven by applications in AI and automotive electronics [3]. Group 3: Strategic Integration - The integration with SHM is expected to create synergies across product, market, and technology dimensions, enhancing the overall technical strength and solution competitiveness of the company [4]. - The company plans to extend its market focus from primarily China to a global customer base, leveraging its existing product lines alongside SHM's offerings [4].

证券日报网讯 四维图新（002405）11月20日在互动平台回答投资者提问时表示，公司MCU和SoC双过 亿是累计数据，收入确认无时延。 ...